(Bloomberg) — Private equity firm Permira agreed to acquire JTC Plc, the London-listed provider of fund solutions and corporate services, for £2.3 billion ($3 billion).

Permira is offering 1,340 pence cash per JTC share, according to a statement Monday. That represents a 37% premium to JTC’s closing price on Aug. 28, the last full trading day before Bloomberg News first revealed the takeover interest. It’s slightly less than Friday’s closing price of 1,358 pence per share, after a runup in JTC shares as a bidding war intensified.

The board of JTC plans to unanimously recommend the bid to shareholders. The Permira-led consortium, which also includes Canada Pension Plan Investment Board, beat out rival proposals from Warburg Pincus, it said in the statement. The Financial Times and Bloombe

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